An investigation into a former Derby County player over claims he conned fellow footballers out of millions of pounds has been dropped by police.

Michael McIndoe, who was on loan to the Rams in March 2006, was originally accused of conning around 300 people for around £30 million through an investment scheme promising a huge 20%-a-month return.

However, the former Derby County winger tweeted today to say: “Just been officially informed by Scotland Yard that I have been completely cleared of the allegation of fraud made against me and the CPS are taking no further action."

A spokesman for the Metropolitan Police confirmed: “In February 2015, an allegation of fraud was made to Westminster CID.

Michael McIndoe in action for Derby County

"Following an initial investigation, the matter was deemed a civil matter and the victim informed. Further allegations were subsequently reported to police via Action Fraud.

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"These were assessed and an investigation was launched by officers from the Falcon Unit. A 37-year-old man was interviewed under caution in connection with the investigation on Tuesday, January 10. No further action will be taken. The investigation is closed."

Michael McIndoe with Terry Westley after joining Derby County on loan from Doncaster Rovers

According to the Coventry Telegraph, McIndoe had attended several bankruptcy hearings since the inquiry began a few years back and the former winger has always denied any allegation of wrongdoing.

The Sunday People reported that the scheme - allegedly set up by journeyman player McIndoe - crashed amid huge debts, with individual losses ranging from a few thousand pounds to more than a million.

McIndoe previously told ITV News: "I have never run any kind of investment scheme or Ponzi scheme."